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Entering amortization on a return

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📊 Step-by-Step Guide

Step 1: Link to the correct worksheet

Use this when you need to connect amortization to the correct line on the return.

From the line on the return to which the amortization should be linked, link to a Form 4562 or you can use the Link Depr Wkst button on the ribbon toolbar.

Step 2: Open the asset worksheet and complete required fields

Use this to set up the asset as amortized.

On line 6a, link to a depreciation worksheet, NEW Asset WKT - Depreciation and Amortization Worksheet. Complete lines 1a through line 1e.

Step 3: Set the method to amortization

Use this so SureFire knows the asset is amortized instead of depreciated.

On line 3 (Method), enter AMORTIZ (you may press the spacebar for a picklist) as the method so that SureFire will know that this asset is being amortized instead of depreciated.

Step 4: Enter the amortization code (first year only)

Use this to ensure the correct amortization schedule is applied.

If this is the first year of amortization, enter the appropriate amortization code beside line 3. These codes can be found in F1 help for the depreciation worksheet.

Step 5: Handle prior year amortization

Use this when the amortization started in a previous year.

Note:

If there is prior year amortization, you do not need to enter the code but will need to enter any amortization from prior years on line 7.

Step 6: Amortize points from Schedule A (if applicable)

Use this when you want to amortize points for a home link from Schedule A.

If you want to amortize points for a home link from Schedule A, line 12 to the asset worksheet

Tags: federal,form